Engineers Gate Manager LP decreased its holdings in East West Bancorp, Inc. (NASDAQ:EWBC – Free Report) by 91.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 29,029 shares of the financial services provider’s stock after selling 294,529 shares during the quarter. Engineers Gate Manager LP’s holdings in East West Bancorp were worth $3,747,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Marathon Mission Inc. grew its stake in East West Bancorp by 3.8% during the 2nd quarter. Marathon Mission Inc. now owns 2,566 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 93 shares in the last quarter. Baird Financial Group Inc. boosted its stake in shares of East West Bancorp by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 2,967 shares of the financial services provider’s stock valued at $383,000 after buying an additional 97 shares during the period. Quarry LP grew its position in shares of East West Bancorp by 35.4% during the third quarter. Quarry LP now owns 390 shares of the financial services provider’s stock worth $42,000 after buying an additional 102 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of East West Bancorp by 1.8% during the third quarter. Quadrant Capital Group LLC now owns 5,674 shares of the financial services provider’s stock worth $604,000 after buying an additional 102 shares during the period. Finally, Bradley Foster & Sargent Inc. CT raised its holdings in East West Bancorp by 1.1% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 9,195 shares of the financial services provider’s stock valued at $1,033,000 after acquiring an additional 102 shares in the last quarter. 89.53% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms recently commented on EWBC. Wall Street Zen raised East West Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Barclays raised their target price on East West Bancorp from $150.00 to $155.00 and gave the stock an “overweight” rating in a research report on Monday, August 3rd. Morgan Stanley raised East West Bancorp from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $131.00 to $160.00 in a report on Tuesday. Stephens boosted their price objective on shares of East West Bancorp from $129.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $152.00 target price on shares of East West Bancorp in a research report on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $144.15.
Insider Buying and Selling
In other East West Bancorp news, insider Irene Oh sold 800 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $133.19, for a total transaction of $106,552.00. Following the completion of the sale, the insider directly owned 84,698 shares of the company’s stock, valued at approximately $11,280,926.62. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Douglas Krause sold 10,000 shares of East West Bancorp stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $132.37, for a total value of $1,323,700.00. Following the completion of the transaction, the insider owned 36,974 shares in the company, valued at $4,894,248.38. This trade represents a 21.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,610 shares of company stock valued at $1,670,896 in the last quarter. 0.94% of the stock is currently owned by insiders.
East West Bancorp Price Performance
EWBC stock opened at $129.17 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $17.70 billion, a P/E ratio of 12.42, a PEG ratio of 1.50 and a beta of 0.93. The business has a 50 day simple moving average of $131.33 and a 200-day simple moving average of $123.04. East West Bancorp, Inc. has a twelve month low of $92.67 and a twelve month high of $137.47.
East West Bancorp (NASDAQ:EWBC – Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $2.63 EPS for the quarter, beating the consensus estimate of $2.61 by $0.02. East West Bancorp had a net margin of 30.45% and a return on equity of 16.07%. The firm had revenue of $789.98 million during the quarter, compared to the consensus estimate of $784.47 million. During the same quarter in the prior year, the firm earned $2.24 EPS. East West Bancorp’s revenue for the quarter was up 12.5% on a year-over-year basis. As a group, equities analysts anticipate that East West Bancorp, Inc. will post 10.61 EPS for the current year.
East West Bancorp Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Monday, August 3rd were given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, August 3rd. East West Bancorp’s payout ratio is 30.77%.
East West Bancorp Company Profile
East West Bancorp, Inc (NASDAQ: EWBC) is the holding company for East West Bank, a full-service commercial bank headquartered in Pasadena, California. Founded in 1973, the company provides banking and financial services to individuals, businesses, and institutions through its East West Bank subsidiary.
East West Bank offers deposit accounts, commercial and consumer lending, residential mortgage services, wealth management, treasury management, and international banking services. Its products support commercial real estate, commercial and industrial businesses, residential borrowers, and consumers.
The bank has a particular focus on serving communities and businesses connected to the United States and Greater China.
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